Professional Bookkeeping Services

Shomax Bookkeeping Solutions offers full service bookkeeping to fit the needs of your business!
bookkeeping financials

Accurate financials

Bookkeeping is the last thing you want to be worrying about. With Shomax, you can count on your books being finished on time.
bookkeeping accounting services

Track every detail

Tax time doesn't leave room for errors. Having a bookkeeper ensures accuracy for your books and peace of mind for you.
bookkeeping taxes

Tax time support

We work with your CPA or Tax Professional at tax time we can ensure the accuracy of your books.
bookkeeping business time

Adapt to your business

Your bookkeeping needs will evolve over time and we will ensure you're always getting the support you need.

Why a Bookkeeper & What Does a CPA do?

 

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6 days ago

Shomax Bookkeeping Solutions

Meals continue to be deductible

The IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses expense deduction.
Taxpayers may deduct 50% of allowable business meal expense with reference to entertainment if:
• For food and beverages provided during or at an entertainment activity, they are purchased separately from the entertainment, or the cost of the food and beverages is stated separately from the cost of the entertainment on one or more bills, invoices, or receipts.

The IRS will not allow the entertainment disallowance rule to be circumvented through inflating the amount charged for food and beverages.
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Starting a Business Checklist: Tips for Your New Launch

How does a business plan fit in? - Part 2

Your new venture requires a detailed plan but, should also include your strategy to launch and maintain the new business. Other aspects of the plan may cover marketing and technology needs, a method for identifying your target audience, anticipated expenses, cash-flow scenarios, and hiring strategies.
Many plans include a financial forecast, where the business is likely to be within one year, three years, and five years.
"A key component of a business plan is finance. Evaluate the key strategies for income and associated expenses. Make sure to continuously evaluate return on investment (ROI) because this part of the plan will change as you recognize that ROI is higher for some initiatives."
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2 weeks ago

Shomax Bookkeeping Solutions

IRS Slaps 100% Penalty on Employment Tax Problems

Paying taxes is rarely something you look forward to. It is perfectly legal to arrange your affairs to pay as little as possible.

If you have employees, paying employment taxes is inevitable. You never want to become delinquent in paying axes, especially employment taxes. The IRS is vigorous in going after these payroll taxes. They are withheld from wages and are to be promptly paid to the government.

If you are in business, it can be tempting to use it to pay rent and supplies ordered, and that the IRS won't miss it if you just divert it temporarily. That is unacceptable as far as the IRS is concerned.
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2 weeks ago

Shomax Bookkeeping Solutions

So sad.............

America's favorite Valentine's Day candy is unavailable this year
Sweethearts, the conversation heart candy, is missing from shelves this Valentine's season.

Necco, the candy's original producer, went out of business last year.
The candy's new owner, Spangler Candy Company, plans to have Sweethearts back on shelves next year.

Even though consumers might think chocolate when it comes to buying a Valentine's gift for a loved one, Candystore.com reported that conversation hearts were the most popular candy for the holiday in 2018.

The popularity of the candy didn't keep its original producer, New England Confectionary Company, also known as Necco, from going out of business in July. Americans spend nearly $20 billion on Valentine's Day—

Round Hill Investments bought Necco in an auction but sold its Necco wafer brand and Sweethearts to Spangler Candy Company several months later. Spangler's best-known candy is its Dum Dum lollipops.
The candy company acquired the brands in September and did not have the time to produce the conversation hearts for this Valentine's Day. The company is planning to relaunch Sweethearts in time for next year's Valentine's season. Necco wafers will be re-introduced sometime this year.
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Starting a Business Checklist: Tips for Your New Launch

Consult the appropriate experts as regulations and requirements vary by state – Part 5
Insurance agent
Bookkeeper
Tax Professional
Business attorney
Marketing professional

Shomax can help with the bookkeeping and assist in connecting you with the professionals listed above. Call or email: 352-587-4949 helayne@shomaxbookkeeping.com
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